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SINGAPORE: CBOT Dec. corn is expected to rise towards a resistance at $3.44-1/4 per bushel, as it has broken a lower resistance at $3.36.
These resistances are identified respectively as the 38.2 percent and the 23.6 percent Fibonacci retracements on the downtrend from the July 14 high of $3.80 to the Aug. 12 low of $3.22-1/2.
The trend could be divided into five small waves, with the fourth wave labelled 4 having peaked around $3.44-1/4. Wave theory suggests this peak could be approached.
A drop to $3.35 may confirm a break below $3.36, and the 14.6 percent level at $3.30-3/4 could be approached.
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